Palace, who sit 18th in the table with ten points from 15 games, say the redevelopment will “transform the match-day experience for supporters and provide new facilities for the community while retaining the ground’s uniquely passionate Premier League atmosphere.”

A statement on their site added: “The centrepiece of the redevelopment is a stunning new five-storey stand featuring an all-glass front – a homage to the club’s earliest days when it stood in the shadows of the original Crystal Palace, erected on Sydenham Hill.

“A central vaulted arch, with the famous Eagle crest, is a reminder of the iconic 1851 Exhibition Hall, and eagle wings flank the 41-metre structure.”

In addition there will be a new museum, “premium” hospitality and entertainment facilities and a huge increase in capacity in the new stand.

The new grandstand shows signs of the old Crystal Palace that burned down in 1936

West Brom 0-0 Crystal Palace: Alan Pardew's first game in charge of the Baggies ends as a goalless draw

There is currently a Sainsbury’s supermarket underneath the stadium, as well as parking for over 100 cars.

But given the South Norwood site is built into the side of a hill, surrounded by terrace houses, the area has its restrictions.

Club chairman Steve Parish said: “We need a stadium that reflects who we are, how far we have come and where we want to go – a stadium that South London can be proud of, a home worthy of our incredible support and unique atmosphere and this great Premier League we represent.

“We are creating a new home worthy of our Club, our supporters and our community, and a celebration of our 112 years in South London.”

A formal planning application is due to be launched by the end of January 2018.